Short Summary

A CHILDLESS GERMAN INDUSTRIALIST IS CELEBRATING HIS 70TH BIRTHDAY BY GIVING HIS 10 MILLIONS MARKS (GBP900,000) FACTORY TO HIS 300 EMPLOYEES.

Description

A CHILDLESS GERMAN INDUSTRIALIST IS CELEBRATING HIS 70TH BIRTHDAY BY GIVING HIS 10 MILLIONS MARKS (GBP900,000) FACTORY TO HIS 300 EMPLOYEES.

HIS EMPLOYEES WILL BECOME SHAREHOLDERS IN THE FLOURISHING VACUUM PUMP CONCERN AT WETZLAR, HESSE, DRAWING PROFITS FROM A 15 MILLION MARK (GBP1,350,000) TURNOVER.

DR.ERICH PFEIFFER, CHIEF OF THE 75-YEAR-OLD FAMILY BUSINESS SINCE HIS FATHER DIED 25 YEARS AGO, SAID: "I THINK MY FACTORY WILL BE IN THE BEST HANDS WHEN I HAVE GONE.I AM PROUD OF MY EMPLOYEES.THEY WORK HARD AND I TRY TO TREAT THEM WELL".

DR.PFEIFFER WAS TOLD AT FIRST THE GIFT WOULD MEAN PAYING FOUR MILLION MARKS (GBP360,000) IN TAXATION, BUT HAS NOW HEARD FROM THE HESSE STATE PREMIER, DR.GEORG AUGUST ZINN, THAT A WAY HAS BEEN FOUND TO AVOID THIS.

PAY FOR THE EMPLOYEES WILL BE UNCHANGED.BUT AS SHAREHOLDERS THEY WILL FIND THAT THE HARDER AND BETTER THEY WORK THE MORE THEY WILL EARN.

SHARES WILL BE GIVEN ACCORDING TO AGE, LENGTH OF SERVICE AND ABILITY.MUCH OF THE RESPONSIBILITY WILL BE GIVEN TO RESEARCH STAFF WHO HELPED WIN CONTRACTS FOR SUPPLYING SPACE SIMULATOR PUMPS FOR AMERICAN SPACE RESEARCH PROJECTS.